Billionaire CEO on a mission to save Toys 'R' Us

Isaac Larian says he and two other unidentified investors are pledging $200 million to try to save about 400 of the remaining 735 US stores that are slated to close. He's started a GoFundMe page to try to raise more, through small contributions from people who love the stores, as well as to generate publicity about his efforts. So far it has raised about $5,000.

"This is an American icon that has to be saved," Larian, the founder and CEO of MGA Entertainment said. "I used to take my kids there instead of Disneyland. This needs to be saved for the next generation."

Toys "R" Us announced last week that would close all of its US stores after failing to find a buyer. It was burning through about $100 million a month in cash.

Larian said the years of financial losses at Toys "R" Us don't scare him.

Larian, who said he worries about the long-term future of the toy industry without amajor,nationaldedicated toy store chain, has already made a separate bid to buy Toys "R" Us Canada. But he won't disclose his offer while bids are still coming.

Toys "R" Us intended to stay in business when it filed for bankruptcy. But its holiday sales were far weaker than even its worst case scenario.

The company has lost $2.5 billion since 2012, the last time it posed a full-year profit. Its liquidation sales at stores are due to start Friday and will be completed by the time Larian expects to make his bid for the stores.

"I was looking at it before liquidation," he said. "It would have been better to be able to buy it before liquidation but if it's going to be empty stores that we buy, I still think it can be saved."